Suryachakra Power sinks

Suryachakra Power sinks

Suryachakra Power Corporation lost 4.99% to Rs 32.40 at 12:28 IST on BSE, even as the company said its subsidiary South Asian Agro Industries has been registered with United Nations Framework Convention on climate change for availing carbon credits.

The company made this announcement during trading hours today, 11 February 2008.

Meanwhile, BSE Sensex was down 596.71 points or 3.42% to 16,868.18 as poor debut of Reliance Power, which had come out with India's biggest IPO, last month, hit market sentiment. Market men had initially expected the price to double on debut, but stock market turmoil had lowered investor risk appetite and expectations were toned down subsequently with market men expecting a premium of about Rs 75-to Rs 150 above the IPO price on debut. The Reliance Power IPO was subscribed 73 times.

On BSE, 22,641 shares were traded in the Suryachakra Power counter. The scrip had an average daily volume of 10.33 lakh shares in the past one quarter.

The stock hit a high of Rs 32.55 and a low of Rs 32.40 so far during the day. The stock had a 52-week high of Rs 59.25 on 8 January 2008 and a 52-week low of Rs 16.50 on 24 August 2007.

The small-cap scrip had underperformed the market over the past one month till 8 February 2008, declining 29.69% compared to the Sensex’s decline of 15.15%. It had outperformed the market in the past one quarter, gaining 22.22% compared to Sensex’s decline of 7.63%.

The company’s current equity is Rs 76.63 crore. Face value per share is Rs 10.

The current price of Rs 32.40 discounts its Q3 December 2007 annualized EPS of Rs 0.30, by a PE multiple of 108.

On 4 February 2008, Suryachakra Power Corporation entered memorandum of understanding with Government of Chattisgarh, for setting up of a 270 megawatt thermal power project in Chattisgarh.

On 21 November 2007, Suryachakra Power Corporation (SPC) said it plans to raise funds by issuing foreign currency convertible bonds (FCCBs) and/or convertible warrants to promoters/promoter group on preferential basis.

Suryachakra Power Corporation reported a net profit of Rs 0.58 crore on net sales of Rs 24.83 crore in Q3 December 2007.

Suryachakra Power Corporation is engaged in the generation of power.